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Nakheel awards new contracts worth US$126 million

The UAE government-owned real estate developer Nakheel was one of the hardest hit by UAE?s 2008-2009 property collapse after which it has recovered considerably. (Image source: jo_seow/Flickr)

Dubai-based real estate developer Nakheel has awarded five new contracts worth a total of US$126mn to various contractors

A contract for villas in Jumeirah Park, worth US$81mn, was awarded to ACTCO General Contracting. Another contract, valued at US$13mn, was awarded to Al Marwan General Contracting for enhancement of the infrastructure works for the Jumeirah Park and Al Furjan master communities.

Nakheel also awarded a contract for the expansion of Ibn Battuta Mall to Parkway International Contracting. A contract to add a new recreational facility at the Jebel Ali Recreation Club to cater to the communities within the vicinity went to New Valley Building Contracting.

Mott Macdonald was awarded a contract for more than US$1mn to carry out certain consultancy services on the Palm Jumeirah development.

Last month, Nakheel awarded a contract for ground improvement works at The Pointe, a retail and entertainment complex on Palm Jumeirah. The company also awarded a contract to United Engineering Construction (UNEC) for the construction of 90 homes at its Jumeirah Village Circle Villas project.

State-owned Nakheel was one of the companies hardest hit by the UAE?s 2008-2009 property collapse and agreed to a US$16bn debt restructuring deal in 2011 after which it was forced to scale back its plans.

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